Shares of Gufic BioSciences were on the rise on Friday after brokerage Motilal Oswal decided to invest in the small-cap drugmaker.
What Happened: Motilal Oswal said its financial services committee had approved an investment in Gufic in line with its fund-based investment strategy.
See Also: Madurai’s 21-Year-Old That Turned A Kitchen Experiment Into A ₹10 Crore Business
The brokerage will acquire or subscribe to 33.33 lakh shares at ₹300 per share for a total deal value of just under ₹100 crore. The per share value was actually at a 3.03% discount to the Pharma firm’s last close of ₹309.4 on Thursday.
The stock has climbed over 30% in the past month and over 50% in the past six months.
Price Action: Gufic BioSciences’ share price went up 4.14% to ₹322.2 after the announcement in afternoon trade on Friday.
Exclusive: Blue Tokai Changed The Coffee Game In India—And Still Has More Brewing
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.